AS 91401 · 5 credits · Internal
Microeconomic concepts
Demonstrate understanding of micro-economic concepts
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In plain EnglishAI study guide · check the NZQA standard
You need to show you understand how markets work at a small scale—things like why people buy different amounts at different prices, how businesses decide what to produce, and how supply and demand affect prices. You'll explain economic ideas using models and real data, and show how these concepts affect consumers, businesses, and government decisions.
What to do, grades and common mistakes
What you actually do
- ·Explain micro-economic concepts clearly (marginal utility, elasticity, supply and demand, market structures, how prices and profits affect what gets made and sold)
- ·Use economic models (like supply and demand graphs) to show how these concepts work in practice
- ·Use real data or information to back up your explanations of these economic ideas
- ·For Merit: provide detailed explanations supported by models and data that show deeper understanding
- ·For Excellence: use detailed explanations with models and data to justify what the effects of these concepts are on consumers, producers, and government
AAchieved
You explain the key micro-economic concepts, use a model to illustrate them, and present some data or information that relates to what you're explaining.
MMerit